1. The Basic Tools: Supply And Demand
1. Introduction
2. Basic Assumptions: Competitive Markets
3. The Law Of Demand
4. The Law Of Supply
5. The Invisible Hand: Equilibrium
6. Disturbing Equilibrium With Supply And Demand Shifts
7. Special Considerations: Elasticity
8. When The Market Fails: Externalities
2. The Context: Understanding Basic Economic Indicators
1. Introduction
2. What Is GDP?
  1. Measuring GDP
  2. The Circular Flow
3. Inflation (and Deflation)
4. Unemployment And The Phillips Curve
3. Diagnosing A Macroeconomy And Prescribing Policy
1. Introduction
2. What Drives The Business Cycle? Aggregate Demand - Aggregate Supply Analysis
3. The Target: Potential GDP
4. Departures From The Target: Inflationary And Recessionary Gaps
5. The Goldilocks Economy: Too Hot, Too Cold Or Just Right
6. Policy Tools
7. Fitting Policies To Problems
4. Fiscal Policy
1. Introduction
2. How Much Fiscal Policy?
3. What Are The Strengths And Weaknesses Of Fiscal Policy?
5. Fiscal Policy, Deficits, Debt And The Debate
1. Introduction
2. Government Deficits
3. Balancing The Government's Budget Across The Cycle
4. From Whom Do Governments Borrow?
5. Government Debt And Bond Markets
6. How Much Deficit And Debt Is Too Much?
6. Monetary Policy
1. Introduction
2. What Is Money?
3. What Are Central Banks?
4. The Money Markets And The Creation Of Money
5. The Policy Tools Of Central Banks
6. The Complexities Of Monetary Policy
7. What If Interest Rates Reach Zero? Unconventional Monetary Policies
8. What Is The "Right" Interest Rate?
9. What Are The Strengths And Weaknesses Of Monetary Policy?
7. The Mix Matters: Combining Fiscal And Monetary Policies
1. Introduction
2. Mixing Monetary And Fiscal Policies
8. Other Policy Options
1. Introduction
2. Exchange-rate Policy
3. Structural Policy
9. Economic Policy In The Real World
1. Introduction
2. What If Interest Rates Reach Zero? Unconventional Monetary Policies
3. Policy Mix In Key Economies During The Financial Crisis
4. The Austerity Vs Stimulus Debate
10. Exchange Rates And Currency Markets
1. Introduction
2. What Determines The Value Of A Currency?
3. How Do Changing Currency Values Affect The Economy?
4. How Governments Intervene In Currency Markets
5. The Impossible Trinity And National Currencies
6. Currency Values In Practice
11. Trade
1. Introduction
2. Some Basic Concepts
3. The Theory Of Absolute Advantage
4. Partial Equilibrium Analysis
5. The Benefits Of Free Trade
6. The Effect Of Tariffs: Losses From Protectionism
7. Does Anyone Lose From Trade? Trade And Incomes
8. Is Free Trade Still Beneficial Even If There Are "Losers"?
9. The Real World Of International Trade
  1. Multilateral Arrangements
  2. Regional Economic Integration
12. The Balance Of Payments And The Global Growth Model
1. Introduction
2. The Underlying Principles Of The Balance Of Payments
3. The Components Of The Balance Of Payments: Current And Financial Accounts
4. The Real Causes Of Current Account Imbalances: Savers Vs Dissavers
5. Are Current Account Imbalances A Problem?
6. How Can Current-account Imbalances Be Corrected?
7. The Current Account And Growth Models
  1. National Growth Models
  2. The Global Growth Model And Its Consequences
13. Migration: Costs And Benefits
1. Introduction
2. Migration Flows In The World
3. How Does Migration Affect The Migrant´s Home (sending) Country?
4. How Does Migration Affect The Host (receiving) Country?
5. Why Is There So Much Opposition To Immigration?
  1. The Economic Issues
14. Using The Economics Toolkit To Analyze Countries: The United States
1. Introduction
2. Early Development: No Barriers To Growth
3. GDP: The Problems Of An Indicator
4. Policy And Growth
5. Overconsumption, "Twin Deficits" And The Current Account
6. Automation, Globalization And A Dearth Of Good Jobs
7. A Different Model Of Advanced Capitalism
15. Growth Models And Policy Limits: The Japanese Economy
1. The Current Account And The Growth Model
2. Interpreting Indicators Of Growth
  1. Nominal, Real And Per Capita GDP Growth
  2. The Gini Coefficient: Why Is It Relevant?
3. The Labor Market
  1. Unemployment And The Labor Force
  2. Immigration: A Silver Bullet?
4. Demography And Growth
  1. The Challenges Of Ageing
  2. Implications For Business
5. Fiscal Policy And Debt Without Limits
  1. The Permanent Fiscal Deficit, And Ageing
  2. Does Japan Have A Public Debt Problem?
6. Abenomics And The Limits Of Policymaking
7. Implications For Doing Business In Japan
16. Economic Integration And Disintegration: The European Economy
1. Introduction
2. The European Integration Project: Creating The European Union
3. A Look At The EU Economy
  1. Cyclical Trends
  2. The EU Vs The USA: Different Models
4. Crisis And Recovery With A Single Currency: Spain And The Periphery
5. The United Kingdom: In And Out Of The EU
6. The Future Of The EU
17. Growth Models, Institutions And The Future Superpower: India And China
1. Introduction
2. A (very) Brief History
3. Embarking On Development
4. Comparing Indian And Chinese Data
5. Demography
6. Institutions
18. Conclusion: Making Sense Of A "Blooming, Buzzing Confusion"
1. Introduction
2. Coming To Some Conclusions...
3. ...and Asking More Questions

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